Google's unorthodox auction-style IPO is forcing portfolio managers to play Wall Street's version of The Price is Right.

The Web search engine company, which opened a special Web site Friday that lets investors place bids for shares, has offered up a suggested price range $108 to $135 a share. But some pros are planning to bid below that. If they get some, great; if not, oh well. Others are blowing it off, figuring they'll let others get caught up in the hype and later buy the shares for less. (Related story: Google opens site to register bidders for IPO)

"There are a lot of good companies in the market that you don't buy because they are too expensive," says Michael Farr, president of Farr Miller & Washington. "This would be one of them." Most professional investors' attitudes fall into these camps regarding Google:

Neil Hennessy, manager of Hennessy Funds, says the valuation is too high to make his short list of potential investments. He's also bothered that Google's dual shares of stock give the founders much more voting power than common stockholders. He says this IPO is "not even close to the radar."

• Wait and see. Kevin Landis, manager of Firsthand Funds, says he's in no hurry to pile into Google's Dutch auction process. The company is asking investors to stipulate how many shares they would be willing to buy and at what price. As early as next week, Google will then set the IPO price and size based on those bids.

Landis is waiting until the shares start trading, which might be the most prudent move because the auction process makes it likely Google's shares could move lower. "There is not going to be a big penalty to wait a day," he says.

But she's put off because the company's refusal to discuss future products makes it difficult to come up with an earnings forecast and to value the stock.

She's also unnerved at the lack of rules with the auction: Management reserves the right to ignore some bids when coming up with the final IPO price.

Barry Randall, manager of the First American Technology fund, says he'll probably wait until 48 hours before the offering to decide. Many last-minute factors could swing his decision on whether to participate and at what price. "There's no value in me deciding this early," he says.